Dear Supporters,

We must marshal all resources to come out strongly against a predatory consumer lending bill, HB2550, right now.

The bill, called “Small Installment Loans,” will be heard in the House Commerce Committee this Wednesday, February 16th, at 9:00AM.

Here’s why we should stop HB 2550–NOW:

• HB 2550 will legalize triple-digit APR interest rates to Arizona consumers for small consumer installment loans, exempting a new industry from the state’s 36% usury cap on consumer loans.

• HB 2550 ignores the voters’ mandate. When Arizona voters went to the polls in November 2008, they clearly said No, by a 60%-40% margin, to triple digit interest rates, special deals under the state’s usury caps, and fake “reforms” in the industry-sponsored Proposition 200.   HB 2550 ignores the voters’ mandate by legalizing another form of high cost consumer lending that will inevitably lead to long-term debt.

• Arizona has rejected these schemes for years! HB 2550 is the same fee structure as bills that were rejected in 2009 and 2008. Voters and the legislature repeatedly rejected triple-digit interest loans that generate piles of fees for the lender and long-term debt for the borrower.

• Arizona consumers cannot afford to replace one predatory loan product with another.  We fought for 10 years to finally rid the state of payday loans.  The voters don’t want new triple-digit loan products on the market. Our state already has consumer lenders offering small installment loans in AZ at the current 36% rate cap or less.

• NO MORE EXCEPTIONS TO THE CONSUMER LOAN ACT!

Contact the members of the

House Commerce Committee TODAY!

Tell them to Vote NO on HB2550!

Tell committee members to respect the voters’ will and reject triple-digit interest rate lending in Arizona.

Commerce Cmte. Members	Position	Phone	Email
Lela Alston (D)	Member	602-926-5829	lalston@azleg.gov
Rick Gray (R)	Member	602-926-5993	rgray@azleg.gov
Debbie McCune Davis (D)	Member	602-926-4485	dmccunedavis@azleg.gov
Javan “J.D.” Mesnard (R)	Vice-Chairman	602-926-4481	jmesnard@azleg.gov
Catherine H. Miranda (D)	Member	602-926-4893	cmiranda@azleg.gov
Frank Pratt (R)	Member	602-926-5761	fpratt@azleg.gov
Bob Robson (R)	Member	602-926-5549	brobson@azleg.gov
Jim Weiers (R)	Chairman	602-926-4173	jweiers@azleg.gov

Language of HB 2550: Click here

Commerce Committee Updates, including video: Click here

Thank you for taking action,

Arizonans for Responsible Lending